Hotel developer Doug Manchester and former radio executive John Lynch are on a newspaper shopping spree as of late. First, the duo snatched up San Diego's only daily paper in November of last year and then last week they announced the takeover of north San Diego County's only daily newspaper, the North County Times.
Now, according to a September 17 article in the La Jolla Patch, CEO Lynch reportedly told a group of businessmen that he and Manchester were mulling over whether to buy the Tribune Company, which includes the Los Angeles Times, Chicago Tribune, and others.
But court documents reveal that Lynch appears to have had a history of buying things that he cannot afford.
In 2010 American Express Centurion Bank sued John T. Lynch of Rancho Santa Fe for failing to pay $51,236 in outstanding credit card debt.
"This action is a straightforward consumer credit card collection case," reads the case obtained from the Superior Court house in Vista.
"Defendant began making some payments on John Lynch account...However, Defendant, after October 2009, breached the agreement by failing and refusing to continue making payments on the credit card account," reads the lawsuit.
As a result of defendant's breach, there was and continues to be an unpaid principal balance of $47,691.77, plus accrued interest at the legal rate of 10 [percent] per annum from March 22, 2010 through the date judgement is entered by this Court."
Documents show that Lynch was served papers on April 3, 2010. Within a few days, representatives from American Express Centurion Bank "were attempting to negotiate a settlement" with Lynch.
However, Lynch backed out after an agreement was reached by the two parties.
"A payment plan was agreed upon and a stipulation was sent to the Defendant for signature on April 6th, 2010. However, Defendant has failed to sign this stipulation..."
According to a settlement agreement, Lynch is required to pay $44,051.83 by October 31, 2012.
When asked about the lawsuit John Lynch sent the following response: "There was a dispute over a large incorrect charge and all was resolved and any balance was paid."
More like this:
- Manchester fails to corral Boston Globe — Aug. 3, 2013
- So is Manchester negotiating to buy LA Times? — Feb. 12, 2013
- U-T San Diego CEO John Lynch to speak to Association of Corporate Growth — Nov. 5, 2012
- The months leading up to the purchase of UT San Diego were not easy on John Lynch, UT's CEO, involved in two costly lawsuits — Sept. 21, 2012
- Strong-Arming Tactics Not New For U-T San Diego CEO John Lynch — Aug. 7, 2012